Board Minutes
IOWA LAKES ELECTRIC COOPERATIVE
Board of Directors Meeting
January 29, 2029
ONLINE MINUTES
The meeting of the Iowa Lakes Electric Cooperative Board of Directors was called to order at 9 a.m. by Board Chair Dan Winterhof on January 29, 2026, at the Cooperative’s headquarters in Estherville, Iowa. Executive Assistant Amy Howard assisted in the taking of minutes thereof.
The following directors were present either in person or by video conference: Ben Ashland, Jerry Beck, Chad Boysen, Craig Deim, Jason Glienke, Nick Kerns, Alan Madden, Crystal Pluth, Gary Rouse, Mark Tuttle, Trent Will, Roger Williamson and Dan Winterhof. Absent: Bruce Amundson
Also present for the meeting were President and CEO Ryan Craig, Vice President of Operations and Engineering Aaron Ruschy, Vice President of Finance/CFO Shelly Tredway, Vice President of Customer and Corporate Relations Jen Sievert, Executive Assistant Amy Howard and Cooperative Attorney Scot Bauermeister.
Participating in a portion of the meeting were Palmer Capital Corporation Partners Sumul Shah and Guy Crepeau.
AGENDA
Board Chair Winterhof asked if there were any additions to the Board Agenda. Being none, it was moved and seconded to approve the agenda. Motion carried.
MINUTES
Board Chair Winterhof asked if there were any changes or corrections to the December 18, 2025, board meeting minutes as provided. Being none, it was moved and seconded to approve the minutes. Motion carried.
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UNFINISHED BUSINESS
Attorney Bauermeister reported there was no pending litigation.
NEW BUSINESS
Memberships for Approval (Action)
It was moved and seconded to approve the memberships as presented. Motion carried.
NRECA Online Voting Delegate (Action)
Board Chair Winterhof stated the NRECA Annual Meeting will be held March 8-11, 2026, in Nashville, Tenn., and a delegate and alternate are needed for this meeting.
Delegate: Chair Winterhof Alternate: Treasurer Pluth
It was moved and seconded to approve these appointments. Motion carried.
Nominating Committee Report
Attorney Scot Bauermeister provided a report on the results of the Nominating Committee meeting that was held on Wednesday, January 21. Discussion followed.
ILEC Charitable Foundation Board Member Approval (Action)
Vice President Sievert presented the names of two board members for the Iowa Lakes Electric Cooperative Charitable Foundation for a three-year term according to the Foundation bylaws. The following members were presented for approval:
1.Sheila Borchers, Estherville
2.Bob Emgarten, Spirit Lake
Sievert stated Dan Sievers has chosen not to serve an additional term. As a result, Carol Ehlers was presented to the board for approval to fill the vacancy in Buena Vista County.
It was moved and seconded to approve the ILEC Charitable Foundation Board Members as presented. Motion carried.
Preliminary December 2025 Financial Report
Vice President Tredway reviewed the preliminary December 2025 financial report. Discussion followed.
2025 Electric Revenue Deferral (Action)
Vice President Tredway provided information to the board as it relates to the Board’s ability as regulators to establish a revenue deferral plan. Tredway provided a history of the Cooperative’s electric deferral plans.
Tredway stated the management team recommends the Board of Directors defer $800,000 of electric distribution revenue to future years.
Following discussion, it was moved and seconded to approve deferring $800,000 of electric distribution revenue to future years. Motion carried.
2025 Wind Deferred Revenue (Action)
Vice President Tredway provided a history of the Cooperative’s wind revenue deferral plans.
Tredway stated the management team recommends the Board of Directors recognize $1,000,000 in previously deferred wind revenue.
Following discussion, it was moved and seconded to recognize $1,000,000 in previously deferred wind revenue. Motion carried.
2025 Load Management Rebates (Action)
Vice President Tredway provided a recommendation for a load management rebate.
Tredway proposed the Cooperative return $225,000 to the membership as a bill credit.
Following discussion, it was moved and seconded to approve the load management rebate not to exceed $45 per controlled account with the provision the total load management rebate will be approximately $225,000. These rebates will be applied as a bill credit to the membership and will apply to all current accounts who participated in the load management program in 2025. Motion carried.
Palmer Capital Corporation Introduction
Palmer Capital Corporation Partner Sumul Shah and Guy Crepeau introduced their business and provided the Board with an overview of the anticipated timeline and remaining action items related to a potential re-power and sale of the two wind farms located in Superior and Lakota, Iowa.
Shah left the room and Crepeau left the video conference.
ILEC Tariff Number 7 Approval (Action)
President and CEO Craig reviewed proposed changes to Iowa Lakes Electric Cooperative Tariff Number 7. Craig stated for the past several months Cooperative staff have been working with Iowa Association of Electric Cooperatives staff to complete a review and update the Cooperative’s Electric Tariff.
Craig reviewed key tariff updates, with the majority of the changes being made to follow the Model Tariff, and he also explained the Tariff approval process.
Craig asked if there were any additional questions concerning the Cooperative’s revised Tariff.
Following discussion, it was moved and seconded to approve Iowa Lakes Electric Cooperative Tariff Number 7. Motion carried.
The Tariff will be submitted to the Iowa Utilities Commission (IUC) for approval with an issue date of January 29, 2026, and the effective date being 30 days after the filing date.
Speculative Building – Spencer (Action)
President and CEO Craig provided an update regarding the new speculative building located at the Spencer Tech Park in Spencer, Iowa. The speculative building is owned by Iowa Lakes Corridor Future Fund and has a sale price of $1,600,000. Craig explained there is a potential new business interested in leasing the property and he provided an overview of the benefits and risk considerations.
Following discussion, the Board approved management of Iowa Lakes Development Corporation to proceed with exploring the opportunity of purchasing the speculative building with the goal of leasing the property for long-term. 12 in favor and 1 opposed. Motion carried.
2026 Operations & Engineering Work Plan (Action)
Ruschy presented the Operations & Engineering Work Plan. The 2026 budget for Operations and Engineering is $8,796,609.
Ruschy continued his presentation with the 2026 Information Technology (IT) Work Plan. The 2026 budget for IT is $1,079,480.
Ruschy continued his presentation with the Renewable Energy Services Work Plan section highlighting 2025 results and proposed future generation production and budget projections for 2026. The budget for Renewable Energy Services is $439,700.
The 2026 Operations Department total work plan budget is $10,315,789.
Following discussion, it was moved and seconded to approve the 2026 Operations & Engineering Department Work Plan as presented. Motion carried.
2026 Customer and Corporate Relations Work Plan (Action)
Vice President Sievert presented the 2026 Customer and Corporate Relations Work Plan. The 2026 Customer and Corporate Relations Work Plan is $1,438,949.
Vice President Sievert reviewed the ILDC 2026 Work Plan with a budget of $39,350.
Following discussion, it was moved and seconded to approve the 2026 Customer and Corporate Relations Work Plan and Iowa Lakes Development Corporation Work Plan as presented. Motion carried.
NRECA Governance Talk Video
Chair Winterhof stated “The Role of the Board Secretary and Treasurer” video is available for directors to view.
Vice President Reports
Vice President Ruschy reviewed his monthly report.
Vice President Sievert reviewed her monthly report.
President and CEO Report
President and CEO Craig reviewed his monthly report, which included an overview of meetings he attended over the past month and an update on the Cooperative’s strategic priorities.
G&T Reports
Basin – Director Beck provided a Basin report.
Corn Belt Power Cooperative – President & CEO Craig and Director Beck provided a Corn Belt report.
NIPCO – President & CEO Craig and Secretary Will provided a NIPCO report.
IAEC – None
DIRECTOR’S MEETING AND TRAINING REPORTS
Directors and staff who attended the Welcome Back Legislative Reception held in Des Moines on January 13 provided a report.
Director Madden reported on the NRECA Directors Conference he attended in Palm Springs, Calif., on January 25-28.
MISCELLANEOUS
Board Chair Winterhof reminded everyone in attendance the next regularly scheduled Board of Directors meeting will be held on Thursday, February 26, 2026, at Estherville headquarters.
Board Chair Winterhof requested miscellaneous items be brought before the Board of Directors for discussion and attention at this time.
Board Treasurer Pluth reviewed the journal of checks and master credit card statements issued for the month of December 2025 prior to the meeting.
Board Treasurer Pluth and Board Secretary Will reviewed and approved the director per diem forms for the month of January 2026.
ADJOURNMENT
There being no further business to be brought before the Board of Directors, it was moved and seconded to adjourn. Motion carried.
Approved February 26, 2026
Trent A. Will, Secretary
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